Loto-Quebec, the Canadian lottery and casino operator, released its latest financial results, outlining details regarding its performance for the first quarter of the fiscal year 2023-2024. In its latest report, the operator confirmed that it has seen total revenues of CA$711.2 million ($528.2 million), as well as a consolidated net income of CA$380.9 million ($282.9 million).
The aforementioned results reaffirmed its exceptional performance for the period and growth, considering that the total revenue marked an 8.4% increase or some CA$54.9 million ($40.8 million) more when compared to the pre-pandemic fiscal year. Similarly, the consolidated net income revenue result was also strong, pointing to a 12.9% or CA$43.6 million ($32.4 million) increase when compared to the same period before the pandemic.
Despite the positive results and overall growth trajectory, a year-over-year comparison shows slight decreases. The total revenues reported for the first quarter of the fiscal year this year marked a 4.5% decrease year-over-year, while consolidated net income dipped by 14.7% when compared to the same period last year.
Loto-Quebec explained that the decrease in revenue was the result of lower sales of its Lotto Max game. “The difference in net income is primarily attributable to higher expenses resulting from the full resumption of on-site operations after pandemic-related restriction periods,” it added.
Lotto-Quebec’s President and CEO, Pleased with the Results
The latest results reveal that for the period between April 1 and June 26, 2023, the operator’s casino and gaming hall operating segment reported revenue of CA$274.6 million ($204 million), up by 4.2% year-over-year. According to Loto-Quebec, this exceptional figure comes as a result of the resumption of casino operations. From that total, 24.8% of the revenue was attributed to online casino.
On the other hand, Loto-Quebec’s lottery revenues halted at CA$224.7 million ($166.9 million). A year-over-year comparison to the corresponding period from last year shows a decrease of 12.4% or some CA$31.9 million ($23.7 million) less. The operator pointed out that this decrease was the result of lower Lotto Max sales and “an exceptional sequence of major grand prizes at the same time last year.” Some 12.8% of the segment’s revenue was attributed to online lottery operations, reveals the new report.
Last but not least, the operator’s gaming establishments reported revenue of CA$216.9 million ($161.1 million). This result marked a year-over-year decrease of 5.1%. Loto-Quebec confirmed that this operating segment was hit hard by the pandemic but said that retail demand continues to increase.
“I’m very pleased with our teams’ efforts and the results achieved. I’d like to point out that we had an exceptional year last year, which set the bar very high.“
Jean-François Bergeron, president and CEO at Lotto-Quebec
Jean-François Bergeron, Loto-Quebec’s CEO and president, revealed that he is happy with the strong results that were achieved by the cumulative efforts of the company’s teams. Moreover, he highlighted the exceptional performance of the company and the success it has seen recently. Bergeron thanked the dedicated team of experts at Loto-Quebec and predicted that they would be ready to meet upcoming challenges.